1:5 Split, Rs 16.10 Dividend: PSB To Trade Ex-Split On May 15, Buy For TP Rs 650: Analysts

Leading public sector bank Canara Bank will trade ex-split tomorrow (May 15, 2024) in the proportion of 1:5 implying 1 equity share will split into 5. Last trading price of Canara Bank share on BSE is Rs 566.25 per share with intraday gain of 3.11%. The bank has a market capitalisation of Rs 1,02,725.3 crore. Canara Bank also recommended a dividend of Rs 16.10/- per equity share on May 8, 2024 for the FY2023-24.

Canara Bank shares fell over 8% in last 2-weeks and rallied 90% in last 1-year. Motilal Oswal and Prabhudas Lilladher are upbeat on Canara Bank shares and recommended buy call with highest target price of Rs 650 per share. More details below:

Canara Bank Recommended Dividend: As per the BSE filing of Canara Bank dated May 8, "recommended Dividend of Rs.16.10/- per equity share (i.e., 161%) of face value of Rs.10/- each to the shareholders for the year 2023-24, subject to the approval of Shareholders at the ensuing Annual General Meeting of the Bank."

Canara Bank To Trade Ex-Split: Earlier this year on April 19, 2024 the Bank set Wednesday, 15th May 2024 as the "Record Date" for determining entitlement of Equity Shareholders for the purpose of sub division/ split of existing Equity Shares of the Bank, such that 1 (one) equity share having face value of Rs. 10/- (Rupees Ten only) each, fully paid up, will be sub-divided into 5 (Five) equity shares having face value of Rs. 2/- (Rupees Two only) each, fully paid up, ranking pari-passu in all respects, which was approved by the Reserve Bank of India (RBI).

Canara Bank Share Performance: The 52-week high price of Canara Bank share on BSE is Rs 632.65 per share (as on 03/05/2024) and 52-week low price is Rs 291.30 per share (as on 19/05/2023), respectively. Canara Bank shares jumped 27% year-to-date, soared 40% in last 6-months, rallied 192% in last 2-years, and offered return of 284% in last 3-years.

Canara Bank Gets Buy Call: Motilal Oswal has recommended buy call for Canara Bank share with target price of Rs 650 per share. Meanwhile, brokerage firm Prabhudas Lilladher too recommended buy call with short-term and medium-term target price of Rs 590 to Rs 635 per share. Traders are advised to maintain the strategy of buy-on-dips and keep stop loss at Rs 535 apiece.

Canara Bank Q4: The public sector lender announced its net profit at Rs 3757 crore for Jan-March quarter of 2023-24, up 18.33% YoY amid steady surge in interest income and fall in provisions. Sequentially, the PSU's profit rallied by 2.76% from Rs 3,656 crore for the quarter ended December (Q3) of FY 2024.

Disclaimer: The stock has been picked from the brokerage report of Motilal Oswal and Prabhudas Lilladher. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.